However, the [1]} analysis is restricted to static strategies: they only considered
deterministic schedules under which the trader pre-commits to a fixed trading schedule, i.e., algorithms
that do not adapt to changing market conditions such as the price of the asset. This restriction
makes the analysis considerably more straightforward and tractable, and allows for closed-form
solutions. This leaves open possible additional benefit from dynamic, adaptive trading strategies,
however. Indeed, most practitioners utilize adaptive strategies. This is often done through ad hoc
or heuristic means, such as model predictive control (MPC), where the trader periodically resolves
for a new deterministic policy as time evolves.
